Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net operating income Interest expense Net income before taxes Income taxes (30%) Net income $ 110,000 55,000 55,000 27,000 28,000 12,000 16,000 4,800 $ 11,200
Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net operating income Interest expense Net income before taxes Income taxes (30%) Net income $ 110,000 55,000 55,000 27,000 28,000 12,000 16,000 4,800 $ 11,200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The beginning balance of total assets was $130,000 and the
ending balance was $127,200. The return on total assets is
closest to:

Transcribed Image Text:Sales (all on account)
Cost of goods sold
Gross margin
Selling and administrative expense
Net operating income
Interest expense
Net income before taxes
Income taxes (30%)
Net income.
$ 110,000
55,000
55,000
27,000
28,000
12,000
16,000
4,800
$ 11,200
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